Applying and then getting rejected of a personal loan can make you feel very obnoxious. Well, in order to get rid of rejection, below are the few steps which can help you in processing a personal loan application.
One of the main reasons where your personal loan application can get rejected is when you don’t have a stable or healthy cibil or credit score. Maintaining a healthy cibil score is very mandate as it enhances your chances of getting the personal loan, and also it increases your chances to get more loan amount. You need to check your cibil in order to see that if you have any settled or written off loans or credit cards, as this affects your chances of availing a loan.
Another reason for your loan application to get rejected is when you have made too many enquiries for a personal loan to different banks and NBFCs. Making too many enquiries may seem to the lenders that you are being quite desperate in getting the loan amount and also it shows that since you are not getting loan amount from the lenders you have enquired, something faulty or something is wrong with your details or the cibil report. And sometimes it also happens that when you got approved of the loan amount and after that, you don’t take the loan amount due to the interest rates or some other reason, this also affects your cibil. So it’s better to first investigate properly about the loan details, such as the interest rate, the tenure, your eligibility and then go for it.
Another reason is when you don’t provide proper or complete documents to the lenders while availing for the personal loan. Many times the applications can be rejected on the basis that you have provided some other information and you have provided some other documents. No mismatch documents are accepted. So in order to get the approval of your loan application, you need to provide the exact documents for which you are providing the information.
Consider these few pointers, in order to get aid from getting the rejection of your application.